US Secretary of the Treasury Steven Mnuchin shake hands with South Korean Deputy Prime Minister and Finance Minister Hong Nam-ki on October 17. Photo: AP

South Korea abandons developing nation status in win for Donald Trump, putting pressure on China to do likewise

  • The US president in July named Korea in a list of countries claiming the status even though they were among the world’s richest nations
  • Seoul’s announcement is likely to add to pressure on China to also drop the self-declared status, which grants World Trade Organisation privileges
Topic |   South Korea

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US Secretary of the Treasury Steven Mnuchin shake hands with South Korean Deputy Prime Minister and Finance Minister Hong Nam-ki on October 17. Photo: AP
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